On September 22, 2025, Gem Co.,Ltd. officially submitted its H-share listing application to the Hong Kong Stock Exchange, planning to list on the main board of Hong Kong, with JPMorgan Chase, CITIC Securities, and CITIC Construction Investment International as joint sponsors. This leading enterprise, which has been deeply engaged in the circular economy sector for over twenty years, is accelerating its global expansion through an "A+H" dual financing platform.
**Global Ambitions of a Circular Economy Leader**
Gem Co.,Ltd.'s business primarily encompasses two areas: the production and manufacturing of ternary precursor materials, and resource recovery operations. The company has established a comprehensive new energy full lifecycle value chain model of "battery recycling - raw material remanufacturing - material remanufacturing - power battery remanufacturing - reuse - cascading utilization." Gem Co.,Ltd. demonstrates strong technological capabilities in power battery materials, ranking second globally in ternary precursor shipments with a market share exceeding 15%, while maintaining the global number one position in ultrafine cobalt powder market share for multiple years. In the first half of 2025, the company achieved operating revenue of 17.561 billion yuan, up 1.28% year-on-year, and net profit attributable to shareholders of 799 million yuan, up 13.91% year-on-year, demonstrating solid growth capabilities.
This Hong Kong listing initiative by Gem Co.,Ltd. aims to raise funds for capacity expansion in metal resources and related industrial chain business development, overseas R&D innovation and digitalization construction, global marketing center establishment, and working capital supplementation.
**Dual Challenges in Capital Markets**
Gem Co.,Ltd.'s H-share listing faces dual challenges: On one hand, intensifying competition in the global new energy industry chain requires the company to consolidate its technological barriers and market share through capital operations; on the other hand, the Hong Kong stock market's valuation logic for circular economy enterprises remains immature, necessitating proof to investors of the sustainability of its "resource recovery + high-tech manufacturing" dual-drive model.
Notably, Gem Co.,Ltd. has already listed on the Swiss Stock Exchange through GDR. If this H-share IPO succeeds, it will mark a crucial step in its global capital deployment strategy. The company's expansion of nickel production capacity in Indonesia and deployment of intelligent dismantling equipment require substantial capital support, while the liquidity and international characteristics of the Hong Kong stock market will provide broader financing opportunities.
**Conclusion**
Gem Co.,Ltd.'s H-share journey represents both a circular economy leader's deep embrace of capital markets and a microcosm of China's manufacturing industry transformation and upgrading. Driven by "dual carbon" goals, the global resource recycling industry is entering a golden development period. Whether Gem Co.,Ltd. can leverage its technological barriers and capital support to transform from an "urban mining" operator into a global rule-setter in the resource circulation field remains to be seen by the market.
Note: This article combines various sources. The views expressed do not constitute investment advice and are for reference only. Markets carry risks, and investment requires caution.
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